Review problem of kantner inc

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Reference no: EM132213936

Question: Kantner, Inc., a domestic corporation, reported two permanent book-tax differences. It earned $7,800 in tax-exempt municipal bond interest, and it reported $850 in nondeductible business meals expense. Kantner's book income before tax is $50,000. Assume a 21% Federal corporate tax rate and no valuation allowance.

Provide the information for the income tax footnote rate reconciliation for Kantner.

When computing the percentages, do not round.

Dollars Percentage

Tax on book income at statutory rate $ %

Tax exempt income %

Nondeductible business meals %

Provision for income tax expense

Reference no: EM132213936

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